Zhipu, OpenAI Lead $2T AI Valuation Surge Despite Low Revenue

• U.S. and Chinese AI firms’ combined values near $2 trillion on modest revenues
• Chinese regulators crack down on hype-driven stock promotion and warn of bubble risks

On June 22, 2026 (UTC), Cryptopolitan and Tekedia reported that major U.S. and Chinese AI labs, including Zhipu and OpenAI, reached a combined valuation close to $2 trillion, despite relatively low annual revenues—underscoring a widening gap powered by massive investment and speculative trading.

Zhipu, MiniMax, and OpenAI have dominated the sector’s surge, with valuations greatly outpacing their sales. Zhipu traded at more than 1,200 times annual revenue, reaching a $137 billion market capitalization on $107 million in 2025 revenue. OpenAI’s valuation stood at $852 billion, based on $25 billion in annualized revenue, per Cryptopolitan.

Hong Kong-listed shares of Zhipu and MiniMax rose 23% in one session. Zhipu logged year-to-date gains of 2,000%, and MiniMax advanced 260%, signaling intense speculation. Anthropic’s valuation approached $800 billion, and DeepSeek—after launching its R1 model in January 2025 and briefly erasing $1 trillion from U.S. markets—continues to raise funds at $10 billion, just 1% of OpenAI’s market cap.

Investment funds are steadily channeling inflows into these labs, even though fund managers admit valuations are far removed from earnings. Markets respond to AI headlines with rapid buying, while other sectors remain sluggish. China’s government has eased listing rules and promoted adoption of AI, further accelerating capital flows.

Chinese regulators are now scrutinizing abuse of the “AI” label in marketing and investigating companies for hype-driven, misleading stock promotion. At the Lujiazui Forum on June 18, 2026, China’s Securities Regulatory Commission warned that generative AI is enabling fake analyst reports and deepfake stock promotions, describing these actions as early signs of a market bubble.

Some fund managers at Schroders have reduced exposure to the technology sector due to valuation concerns. Others at JP Morgan Asset Management are shifting money to infrastructure and peripheral sectors benefiting from AI demand, like power and circuit board companies.

The ongoing surge in AI lab valuations is raising systemic risk, with the potential for sharp corrections if company earnings do not catch up. Concentrated capital in leading firms and its spillover to related sectors raise the chances of market contagion.

Chinese regulators have begun cracking down on deceptive AI stock hype, recalling earlier boom-bust cycles in electric vehicles and drones. According to Cryptopolitan and Tekedia, today’s markets are increasingly fueled by headline speculation instead of revenue fundamentals, and new regulatory actions reflect growing concern about the risks posed by extreme valuation gaps among leading U.S. and Chinese AI labs.